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Final Exam- Business Law Test Questions & Answers
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Final Exam- Business Law Test Questions & Answers
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Final Exam- Business Law Test Questions & AnswersThe most important reason courts enforce contracts is/are:
A. "a person's word is their bond." (It's the moral thing to do.)
B. the law says one will keep one's promises, so you must obey the law
C. contracts are a foundation of our economy
D. keeping one's promises shows you can be trusted Correct-C
T/F: Contract law emphasizes personal responsibility and accountability Correct-True
T/F: An otherwise valid contract may still be unenforceable Correct-True
A bilateral contract
A. must be in writing
B. is an exchange of a promise for a promise
C. is an exchange of a promise for performance
D. A & B above
E. A & C above Correct-B
, Final Exam- Business Law Test Questions & Answers
T/F: Consideration is the respect you pay the other person in a contract Correct-false
T/F: Agreement means an offer and acceptance Correct-true
T/F: The accent of parties to enter into a contract must be voluntary Correct-true
T/F: Bill offered to pay Jennifer $100 for her bike if she would paint it blue. Jennifer agreed
and painted the bike a beautiful carolina blue. Bill refused to buy the bike saying it wasn't a
manly blue and Jennifer should have known that. Bill wins, Jennifer loses Correct-False
T/F: In contract law, the term consideration refers to the serious thought that underlies a
party's intent to enter into a contract Correct-False
T/F: In a contract law if a promise is made, it will be enforced Correct-False
Henry promises not to open his Hank's lunchbox cafe before 10AM, if Danni, who owns
Danni's Dannish and Donuts next door, promises to close by 1PM. Henry's consideration is
A. the destruction of a legal relationship
, Final Exam- Business Law Test Questions & Answers
B. the creation of a legal relationship
C. a forbearance
D. an exchange of money Correct-C
T/F: Consideration has to be essentially equal in any contract Correct-False
T/F: The most important consideration in determining value is the cost involved Correct-
False
T/F: Past consideration is consideration Correct-False
T/F: You agree to pay Eddie $1,000 if he quits smoking. This is a valid contract Correct-True
T/F: If you don't have contractual capacity you may not enter into a contract Correct-False
T/F: The age o majority in the US is 19 Correct-False
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